Your bottom-line counts but how you increase and maximize it has changed over the last several years and businesses are struggling to figure it out
It is harder to attract, engage and retain the younger generation of employees when your successful company seems to speak a different language, have different values and prioritize your work and home life differently.
The Generation Gap is nothing new, I mean every generation feels it. whether it’s the music, the political views, or slang terms it’s all seems foreign to the “other generation”.
So why is this one impacting business so much more?
What makes this gap different?
After reading through several articles and research information I am left feeling that it is deeper than just the time between when the generations were born. It is more about the rapid pace of change technology has brought and the fundamental difference in how current business leaders use and function around technology versus the way the emerging and future leaders that I coach do.
What we are experiencing is more of an INSPIRATION GAP.
According to the 2018 Deloitte Millennial Survey there is “a dramatic, negative shift in millennials’ feelings about business’ motivations and ethics. Respondents are disappointed that business leaders’ priorities don’t seem to align with their own.”
As mentioned, it’s no news that the speed of technology has tremendously impacted the way we interact with each other but the impact and message for today’s business is centered around prioritizing innovation and societal impact over driving net profits. That’s not to say that the bottom line is not a priority but it is to say that the younger generation, our future leaders, believe it must be done with a more conscious eye.
This misalignment of priorities manifests in things like perceived lack of loyalty, decreased motivation and productivity ultimately leading to costly high rates of turnover.
“When discussing the top factors for accepting a job offer, over one third of millennials said, ‘Opportunities for career growth/professional development’ are most important for them, higher than any other age group. For older respondents, the top factor was salary.” said Sarah Cho, Director of Research at SurveyMonkey
Kaytie Zimmerman, Forbes contributor noted ““Millennials name Microsoft, Google, HP in the top 5 companies to work for, they are most willing to change in pursuit of success.” For Millennials that focus on innovation and flexible approach to change translates to career growth and opportunity.
So, what can you do to prepare your company for Industry 4.0?
How do you take your company culture and tweak it to appeal to both generations?
While innovation, flexibility, and diversity are important to Millennials they recognize that the extreme advancements of artificial intelligence, augmented reality and cognitive programming create the need to differentiate themselves as humans from technology.
They want training and development of their interpersonal skills, that connection that only another person can make when they are sitting in next to you working on a problem or across from you learning about the product you are selling.
As I continue to coach entrepreneurs, emerging leaders and executives the simplicity is almost ironic. Basic human connection is at the core of everything we do, we just have to stop long enough to realize that there is always the other side of the coin to consider.
To succeed in business and life the only way to obtain the growth and results you are looking for is through listening, accepting and respecting the differences between us.